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This announcement has been predicted ever since SG acquired Quindell.

However, it is the lowest of the species that eats it own and the legal profession is particularly poor in rejoicing in the ill fate of its fellow professionals. Simply read the posts to see how low we have become.

This news will impact on every firm seeking to attract private equity investment or bank borrowing because the sector will be judged by this announcement.

Good luck to all SG employees and to those who gloat think on....this is a party coming to us all very soon.